Commercial loan officer job duties involve approving the loan after assessing the application of the applicant from all the legal and financial perspectives. They approve and recommend the commercial loan application after the thorough evaluation. The borrowers are also advised about various methods of loan payments according to their financial status.
The primary role of a Commercial loan officer is to deal with the business related loan and borrowings. Commercial loans are more complicated as compare to mortgage loan, consumer loan or any other type of loans and thus the Commercial loan officers have to be very careful while sanctioning any loan to the borrowers.
Commercial Loan Officer Job Duties
- Commercial loan officers are specialised financial professionals who approve any type of commercial loans to the borrowers.
- The specific limits for any kind of loan is assessed and decided by the Commercial loan officer and any loan application which is beyond the limits have to be sent for the approval by the commercial loan officer to the senior management personals.
- All the queries by the applicant are answered by the Commercial loan officers and they meet the borrower in person to explain all the aspects related to the loan processing.
- The financial status of the applicant is assessed by the Commercial loan officers and they also evaluate the credit records, property value and other assets of the borrower before approving the loan.
- All the loan options are explained to the customers by the Commercial loan officers who help the client to take an informed decision about the loan.
- All the copies of loan applications are prepared and kept carefully by the Commercial loan officers and they also maintain all other financial documents for the customers.
- All the records and files related to loan are maintained and kept carefully by the Commercial loan officer.
- The loan agreements are reviewed before the loan approval and Commercial loan officer also ensure that the loan agreement must be according to the loan policy.